Novo Place: New Executive Condominium in Tengah
About Novo Place EC Launches Amid Strong Demand. The highly anticipated launch of Novo Place, a new executive condominium (EC) by Hoi Hup Realty and Sunway Developments, is set to meet strong demand in Singapore’s EC market. Located at Plantation Close in Tengah, this development offers 504 units across seven 18-storey towers. Launching on November 2, 2024, Novo Place is expected to appeal to homebuyers. Especially first-time buyers and HDB upgraders looking for ECs in Tengah.
City Developments Ltd (CDL) set the tone for this year’s EC launches with Lumina Grand at Bukit Batok West Avenue 5. Which saw strong sales during its January 2024 launch weekend. Around 53% of Lumina Grand’s 512 units were sold, with prices averaging S$1,510 per sqft. Another nearby EC, Altura, which launched in August 2023, was almost fully sold within the first few days, averaging S$1,477 per sqft. These successful launches illustrate the demand for ECs in this area and set high expectations for Novo Place.
Green and Accessible Location in Tengah’s “Forest City”
Novo Place is in Tengah, a growing residential district envisioned as Singapore’s “Forest City.” This area, bordered by Choa Chu Kang, Jurong East, and Bukit Batok, is designed to integrate urban living with greenery. Novo Place is only the second EC to launch in Tengah. Following CDL and MCL Land’s Copen Grand, which saw over 70% of units sold on its first weekend at an average price of S$1,335 per sqft.
The upcoming Tengah Park MRT Station on the Jurong Region Line. Is set to open in 2028, will be a short walk from Novo Place, providing easy access to the broader Jurong region and other major areas. This makes Novo Place highly appealing to those looking for both connectivity and a nature-friendly environment.
Limited EC Supply Meets High Buyer Demand (Novo Place EC Launches Amid Strong Demand)
With limited supply in the EC market, Novo Place is expected to see high interest. The previous EC in Tengah, Copen Grand, sold most of its units shortly after its launch. Underscoring the strong demand for ECs among both first-time buyers and HDB upgraders. Eugene Lim, of ERA, notes that although recent launches have absorbed some demand, a limited number of ECs are available to meet the high buyer interest.
Read also: Six Major Residential Launches in November Adding 3,551 Units to Market
Recognizing this demand, Hoi Hup and Sunway bid S$348.5 million for the Novo Place site. A competitive move among several bids. They subsequently won the adjacent Parcel B site with a bid of S$423.38 million, adding 560 more units that will launch in the coming year. These developments demonstrate Tengah’s strong appeal among both developers and homebuyers.
Proximity to Jurong Lake District
More on Novo Place EC Launches Amid Strong Demand. Novo Place enjoys proximity to the Jurong Lake District, Singapore’s planned second Central Business District (CBD). This area is accessible within a 10-minute drive, offering a range of amenities. Including Grade-A offices, major shopping centers such as Jem, Westgate, and IMM Outlet Mall, and the nearby Jurong Innovation District. The district also features popular attractions like Jurong Lake Gardens and the Science Centre, adding to the quality of life for residents.
With the upcoming Jurong Region Line, the Jurong Lake District will become even more accessible, making Novo Place a convenient option for those working or studying in this area.
Family-Friendly with Nearby Schools
For families, Novo Place offers access to numerous educational institutions. Princess Elizabeth Primary School, located within 1km, is one of the popular schools nearby. Other institutions, including Dazhong Primary, Bukit Batok Secondary, and Dulwich College, are within easy reach. The upcoming Anglo-Chinese School (Primary) will be just 2km away, making Novo Place a great choice for families seeking proximity to reputable schools.
Modern Amenities and Green Design (Novo Place EC Launches Amid Strong Demand)
Novo Place includes a variety of premium amenities. Residents can enjoy four swimming pools, including a 50m lap pool, a gym, tennis courts, and a clubhouse designed for gatherings. The development is designed to achieve the Green Mark Platinum Super Low Energy certification, with solar energy expected to power up to 30% of the common areas. ADDP Architects and STX Landscape Architects designed Novo Place to align with Tengah’s green living vision, incorporating energy-saving features and lush landscaping.
Competitive Pricing and Unit Layouts
Novo Place offers a range of unit layouts at competitive prices, especially for an EC in this area. Three-bedroom units, ranging from 872 to 947 sqft, start at S$1.298 million (S$1,489 per sqft), while four-bedroom units, ranging from 1,012 to 1,163 sqft, begin at S$1.581 million. With these prices in the S$1,500 to S$1,600 per sqft range, Novo Place remains an attractive choice compared to suburban condominiums, which generally have higher prices per sqft.
According to Wong Siew Ying, of PropNex, ECs provide an affordable option compared to suburban private condos. She notes that while prices for ECs are rising, they remain a more cost-effective option than many new Outside Central Region (OCR) launches, where prices often exceed S$2,000 per sqft.
Experienced Developers in the EC Market (Novo Place EC Launches Amid Strong Demand)
Hoi Hup and Sunway have a strong track record in Singapore’s EC market. Notable past projects include the 574-unit Arc at Tampines and the 496-unit Parc Canberra in Sembawang. Their combined experience and commitment to quality have established them as trusted developers. The duo’s past projects, such as Parc Central Residences and Hundred Palms. Achieved high sales and record-breaking launch day performances, adding credibility to Novo Place.
Conclusion: Novo Place’s Investment Potential in Tengah
Novo Place, strategically located in Tengah, is well-positioned to meet demand in Singapore’s limited EC market. Its blend of green design, family-friendly amenities, and strong connectivity make it an ideal choice for both homebuyers and investors. With increasing OCR prices, Novo Place offers a more affordable alternative while promising a high quality of life and potential appreciation as Tengah continues to develop.
Novo Place brings luxury, convenience, and eco-friendly living to Tengah. Adding value for residents who want a premium EC experience in Singapore’s newest residential district.
Discover more upcoming launches – Aurelle of Tampines EC (District 18), Arina East Residences (District 15), Aurea Condo (District 07), Nava Grove (District 21) and Emerald of Katong (District 15).
